Robinhood, a brokerage app company It has announced “about 9%” of global workforce layoffs, according to a blog post from the company’s CEO. Vlad Tenev
Tenev cited periods of significant headcount growth that resulted in “Duplicate roles and duties and there is more layering and complexity than appropriateness.”
“After careful consideration of these factors, We have determined that Robinhood’s headcount reduction was the right decision to improve efficiency, increase our speed, and make sure we are responsive to the evolving needs of our customers.”
The move comes ahead of the release of Robinhood’s Q1 2022 results on Thursday. by in January When the company reports Q4 2021 results, Robinhood forecasts total net income to decline compared to the first quarter of 2021.
“For the first quarter of 2022, Robinhood forecasts total net income to be less than $340 million, which is a significant improvement in trading volume compared to what we’ve seen before.” sayAt the time, “This meant a 35% year-over-year decline in revenue compared to the first quarter of 2021, during which we experienced an unusual increase in revenue due to trading activity at more Especially about some meme stocks.”
Tenev said in a blog post Tuesday that Robinhood still plans to “Accelerating our product momentum in 2022 and will introduce significant new products in Brokerage, Crypto, and Spending/Saving.”
The post Robinhood layoffs “about 9%” globally ahead of first-quarter earnings announcement appeared first on Bitcoin Addict.